Mark Child, Chairman and CEO of Condor Gold PLC speaks on the “La India” gold project and their plans of permitting their 100,000 a year plant.
Condor has 2.3 million ounces of gold at four grams, high grade, at La India project. We’ve got great IRRs of 30% and we have all in sustaining cash costs of 700 dollars an ounce and a resource of 2.4 million ounces we think we can double it. The strategy is to permanent construct a base case one hundred thousand ounces per annum processing plant, and also proving a major gold district to four to five million ounces. We put in eight and a half thousand meters of drilling last year and we completed over three hundred square kilometers of soil samples; we’ve identified a new high-grade ore shoot of 150 thousand hours of gold. The regional geo-chem survey is vectoring in and showing lot lots of new targets. The major district that we thought we had but we now have some better evidence that it’s that there. It’s one of the highest grade undeveloped gold districts out there. We’ve had several meetings with the Ministry of Energy of Mines and the Ministry of Environment, so we think we’re close to a breakthrough on permits for this base case hundred thousand ounces of gold per annum. Condor is delighted to be listed on the TSX as a dual listing recently. We’re undervalued in London compared to the TSX listed companies we have about a quarter the valuation of London so we hope that we’ll get a re-rating coming on to the Toronto stock market.
Condor’s management team have extensive experience in mineral exploration, project development and project financing, ensuring that the Company has the best possible opportunity to achieve exploration success and take La India Project through to a bankable feasibility study.
The Company was successfully admitted to the London Stock Exchange, AIM Market, on 31st May 2006, with secondary trading commencing on the TSX on 15th January 2018.
From 2011 to August 2017 Condor drilled 397 drillholes for circa over 59,000m and over 18,000m of trenching. This data was combined with the historic exploration and mining data and included in the latest mineral resource estimate, as set out above and completed by independent geologists at SRK Consulting (UK) Ltd and announced in November 2013 and updated as part of the Pre-Feasibility Study (‘PFS’) in September 2014. The current mineral resource estimate is contained within a 9km radius within the La India Project area.
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